IMI Tender
Many thanks for the opportunity to meet you and present our Allianz offering on Liability/ Marine to IMI and Marsh. My team and I are committed to support you in your risk management journey, working alongside Marsh, by delivering the best of Allianz to you. AGCS has a reputation built upon technical underwriting ability, as well as claims, risk consulting and client services. We understand the business of risk, and more importantly we understand your risk. This document is giving you an update on AGCS today detailing, multinational, claims and risk consulting offering to IMI. You should have received our Liability and marine quotations, we are also including our Terror/ PV quote for your consideration; we are happy to address any questions you might have. We are looking forward to discussing this with you in more details.
Hajar Bousfiha
Key Account Manager
About Allianz
Allianz Group at a glance
- With around 150,000 employees worldwide, the Allianz Group serves over 100 mn customers in more than 70 countries.
- On the insurance side, Allianz is the market leader in the German market and has a strong international presence.
- In fiscal year 2020 the Allianz Group achieved total revenues of approximately 140 bn euros.
- Allianz is one of the world‘s largest asset managers, with third-party assets of 1,712 bn euros under management at year end 2019.
Did you know?
Allianz is the Worldwide Insurance Partner of the Olympic & Paralympic Movements from 2021-2028
Allianz insures major Hollywood and Bollywood movies, including all 24 James Bond productions
Allianz supports sustainable motor sports by being a partner of the fully electric car racing Formula E Championship
Allianz offers financial solutions to more than 49 million emerging consumers in Africa, Asia and Latin America
Allianz is the leading specialist in space insurance and celebrated its 100th birthday as aviation insurer in 2015
Allianz insured the last three buildings to hold the title of “world’s tallest”: Petronas Towers, Taipei 101 & Burj Khalifa
the Allianz Center for Technology has conducted thousands of crash test since 1980 to improve road safety
Allianz was one of the insurers of the Titanic
Allianz Results
Allianz Group 12M 2022
AGCS 12M 2022
Allianz Commercial Commentary
Allianz Ratings
zaAAA local
(October 2022)
Environmental, Social and Governance (ESG)
Background
- ESG Board composed of Allianz SE Board Members responsible for the Group ESG strategy
- ESG Center of Competence (CoC) in Allianz Global Corporate & Specialty established in January 2014, responsible for Allianz‘ P/C business globally
- ESG is embedded in the global governance framework via Standards & Policies and core insurance processes (Underwriting, Risk Management) supported by a dedicated ESG desk (as part of the ESG CoC) and Communication
1.5°C Aligned Investment Portfolio
Proprietary investment portfolio committed to net-zero emissions by 2050, in line with 1.5°C (UN AOA, SBTi)
Coal Exit for Insurance and Investments
Bringing coal exposure of insurance and investment lines of business to 0% by 2040 latest
Renewable Energy in our Operations
Commitment to source 100% renewable electricity by 2023, reduction of operational emissions along 1.5°C pathway.
Our pledge to you
- Partnership: A trusted, financially strong, stable partner delivering value and expertise to you and your clients, long term.
- Excellence: A commitment to put our clients and brokers first through true customer centricity.
- Expertise: Deep expertise and insights to create the best client solutions, globally and locally, with 100% integrity.
- Results: Helping clients maximise value by unlocking the best of Allianz, from insurance to asset management.
- Industry focus: Global industry solutions with people who understand your business and bring you the best of the Allianz world.
- Innovation: Working together towards key, relevant goals, including ESG, Green Solutions and ART.
- Data and Analytics: Pinpoint partners, maximising data and relationships for the best possible client solutions.
- Quality and Compliance: Contract specialised policies and globally-compliant international insurance solutions.
- Level Playing Field: Working with our brokers in equal partnership, prioritising constant communication.
- Thought Leadership: Consistently evaluating existing and emerging risks, loss trends and sharing knowledge.
What makes us different?
We reach beyond traditional solutions, to address your unique risks.
IMI Team
We believe in having an open dialogue with you and Marsh to find the right solution for your every need. We commit to continue to build our robust and transparent tripartite relationship and will deliver on our promise.
Your dedicated Key Account Manager (KAM), Hajar Bousfiha, will ensure effective service delivery to IMI via a single point of access to Allianz resources. She will ensure an integrated approach, from underwriting to multinational to claims to risk engineering.
Hajar will oversee the following:
- Coordination of the Allianz service via the KAM but in close liaison with all of the client team – this provides a structured approach to ensuring client feedback which helps ensure rapid responses to any issues which may arise
- Monitoring all aspects of the Allianz service in respect of the client and taking action to resolve any issues without delay
- Arranging account review meetings with a structured agenda to cover all aspects of the AGCS and IMI relationship, including mid-term review, pre-renewal and post-renewal reviews
- Representing the client’s interests within Allianz to ensure that service improvements are made where necessary and delivering access to the wider resources of Allianz through one person – as and when required
- The KAM is responsible for ensuring that they develop a close understanding of the client’s business environment
- Liaison with client/broker and AGCS claims on any major losses
As stated below we would like to continue the regular engagement with IMI, both formally and non-formally. We suggest we do the following:
- We encourage quarterly stewardship meetings with IMI and Marsh. In addition to standing items (for example – risk consulting, claims, etc.), we will provide updates on matters such as emerging risks, new solutions and support evolution. We would like to have at least two dedicated risk consulting stewardship meetings per year
- Ad Hoc meetings - we will bring the relevant experts and respond in real time to urgent requests
- C Suite level engagement - customer centricity is one of the key pillars underpinning the Allianz Groups
- Regularly we invite our clients to meet with subject matter experts to learn about insurance and risk management developments, new products and other topics
- Claims scenario testing is an opportunity to meet and discuss potential stress points to ensure the wording response is as expected.
- Regular engagement on a non-formal basis too!
We would like to be a key market for IMI. We have a good understanding of your risk and we are in a good position to support you in the reviving the captive and increasingly using it. Looking forward, we can support you better manage your risks through the captive by introducing our ART capabilities. We encourage stewardship meetings to discuss our multinational delivery with IMI and Marsh. In addition to standing items (for example – multinational, risk consulting, claims, etc.), we will provide updates on matters such as emerging risks, ESG, and any the latest risk thought leadership to support the growth and evolution of IMI.
We excel in underwriting
Our profound technical insurance expertise and industry knowledge allow us to provide you with solutions tailored to your needs.
In underwriting your risks, we stay true to our principles. It ensures we take those vital core competencies which you rely upon further.
The better we are at truly understanding complex risks, the better we can serve you. From harnessing insights from data, developing new forward-looking pricing tools or creating a harmonised global product framework, to practice groups leveraging shared expertise on specific risks or sectors, the goal is to provide market-leading solutions to you.
Allianz Multinational:
Global mindset, local solutions
Global Network
Your business is global – so is the protection that we offer:
- We take care of our multinational clients in more than 200 territories.
- We benefit from the expansive network of Allianz-owned offices in over 70 countries.
- We work with the best-in-class network partners to ensure you get a program matched to your needs.
Technical Knowledge & Expertise
Being part of the Allianz Group, we can create bespoke risk programs in collaboration with experts from a wide range of Allianz entities such as:
- Allianz Trade: the world’s leading provider of trade-related insurance solutions.
- Allianz Global Benefits: providing worldwide employee benefits solutions.
- Allianz Partners: offering assistance, travel, automotive and health solutions.
- Allianz Global Investors: one of the world’s leading asset managers.
Dedicated Point of Contact
Providing easy, consistent service to you globally is our priority. We take a holistic approach to customer service, where a single account view ensures frictionless service:
- All functions of the business come together to support our clients throughout the whole journey.
- A dedicated point of contact is there to answer any global or local questions.
These dates and deadlines are key guidelines only in respect of the implementation of the local policies and this does not encompass other deadlines and dates applicable to the Master Policy
Milestone Slippage
For the implementation of any renewal program to ACGS, these Milestones are achievable but challenging. Any slippage in attaining of the early Milestones would produce a similar slippage in future Milestones
Fortnightly calls with post inception Stewardship meeting
Weekly calls with Marsh until the programme and up and running to discuss and address any outstanding matters. Post inception stewardship meeting to ensure IMI Plc is happy with overall service.
It is important to note that the target policy issuance date is Client Inception Date, however each of the parties should deliver all information on time and we have counted in some safeguard dates in the case of delays from client or broker.
AGCS Claims at a glance
Insurance is truly a people business.
Our claims team is acting at the forefront of AGCS to ensure timely communication, transparency, outstanding service delivery and swift resolution.
17 Claims Global Practice Groups with the top experts from our global organisation ensure the settlement of large complex claims, e.g. for cyber, business interruption or class actions.
650+ experts
in worldwide locations focusing exclusively on industrial, corporate and specialty claims
10+ years
average claims adjusting experience of our handlers
165,000+
claims handled per year
€4bn+
average annual claims payments
Why Allianz Risk Consulting?
- Global Network - We are a global network of over 100 Engineers with coverage in all territories
- Flexibility of Approach - We are a truly consultative engineering service, offering innovative solutions to our clients often complex problems
- Flexibility of Codes - Engineering programmes delivered to NFPA codes, local codes or clients individual – loss prevention standards
- Sector Expertise - Vast global experience in numerous industries built up over many years
- Successful Transition - Many examples of successful client transitions to ARC from other insurers and loss control providers
- Strategic advice & solutions - ARC play a proactive client partnership role in focusing the programme and working with stakeholders to share knowledge and experience to all parties’ mutual benefit
- Long term relationship - ARC desire a long term relationship built on mutual trust and support. We have many examples of successful partnerships with our clients embedded over many years. References are available where required
- Risk management services - A variety of risk management services are available to be tailored to suit client requirements
- Quality and Consistency - Property engineers are Allianz certified and comply with company practices and procedures
Specialist Risk Resources and Services
The Account Engineer will explain, guide and advise on which specialist resources will compliment and add value to your existing loss prevention programme. We recognise that one size will not fit all and our goal is to work in partnership with you to maximise the improvement and impact on your risk profile of our tailored risk solutions to support your business objectives.
Examples of risk management tools available include:
- Using the AGCSonline, our clients can, amongst other things, access information regarding their loss control programmes in real time, download reports, update recommendations & notify us of impairments to fire systems
- Allianz AlertZ will automatically send out risk information and newsletters featuring risk bulletins, technical documents, lessons learned and other risk advice and publications
- Cyber risk has proven to be of increasing concern to our client’s and whilst hacking of IT for data and finance grab the headlines, there are exposures to IT systems running production equipment. ARC has employed a Cyber Risk Consultant to assist clients who may have concerns in this area
- Whilst the Account Engineering function will offer an overview of the business interruption potential at account level, and the effects on any linked locations, a more in depth study can be undertaken looking at the policies and procedures in place for Supply Chain Risk Management applying technics such as the European Foundation for Quality Management
- ARCFlex a more focussed client centric approach to risk consulting eliminating the need for repeat survey work
- The Allianz Property Risk Management Charter aids client’s to embed prudent Human Element practices and procedures throughout their organisation
Our quotations
Option 1 (Existing as quoted per the attached Global program quote document)
GBP 87,500 plus local policy issuance fees of GBP 21,500 plus taxes
** subject to instruction being received on both the Liabs and the Cargo we would agree to waive the local policy servicing fee in respect of Marine of GBP 21,500 and we would also offer a GBP 10,000 discount on our terms with Matt also providing a discount (as previously discussed) on his terms to secure instruction on both.
Option 2 (A GBP 100,000 each and every loss deductible to apply with the captive then taking an additional GBP 500,000 each and every loss )
GBP 78,750 plus local policy issuance fees of GBP 21,500 plus taxes
** subject to instruction being received on both the Liabs and the Cargo we would agree to waive the local policy servicing fee in respect of Marine of GBP 21,500 and we would also offer a GBP 7,875 discount on our terms with Matt also providing a discount (as previously discussed) on his terms to secure instruction on both.
Option 3 (A GBP 100,000 each and every loss deductible to apply with the captive then taking an additional GBP 1,000,000 each and every loss )
GBP 72,850 plus local policy issuance fees of GBP 21,500 plus taxes
**subject to instruction being received on both the Liabs and the Cargo we would agree to waive the local policy servicing fee in respect of Marine of GBP 21,500 and we would also offer a GBP 7,000 discount on our terms with Matt also providing a discount (as previously discussed) on his terms to secure instruction on both.
Coverage:
- Terrorism and Sabotage – LMA 3030 and LMA 5150
- Full PV extension: AFB 1-7 + LMA 5150
Covering: PD and BI only
TIV: GBP 4,016,238,335
PD: GBP 1,565,610,456
BI: GBP 2,450,627,879 (24 month IP)
Limit:
- GBP 10m in agg
- GBP 25m in agg
- GBP 50m in agg
- GBP 75m in agg
- GBP 125m in agg
Captive retention of:
- GBP 250k aoo
- GBP 500k aoo
- GBP 1m aoo
Brokerage : Nil
Premium :
A. Terrorism and Sabotage:
\Limit (agg)
B. PVT: Additional premium for listed locations only (I have chosen a number of countries which I feel the client might be concerned about iro War and SRCC covers)
Countries included: Finland, Hong Kong, India, Malaysia. Mexico, Saudi Arabia, Taiwan, Thailand, Turkey
\Limit (agg)
Linesize: To be discussed
Valid 14 days
Subject to :
- No threats or losses or material change in the risk environment as seemed by Allianz
- PD BI only
- NCBR and cyber exclusions
- No extensions offered
- Russia, Ukraine, Moldova, Georgia and Kazakhstan excluded fully.
- LMA 3100 sanctions clause (or similar to be agreed)
Any fronting to be identified early and placed in conjunction with PAR.
We hope to be your partner of choice and look forward to discussing our proposal with you. Thank you.
